‘The Guy with the Biggest Military’ | Fr. Emmanuel Lemelson on the Fatal Flaw in Gold

In this exclusive for Kitco News, Anchor Jeremy Szafron sits down with Fr. Emmanuel Lemelson, Chief Investment Officer at Lemelson Capital Management, to dissect a global market he describes as 'detached from reality'. Following a historic $36 intraday swing in oil, Lemelson warns that the current volatility is merely a 'tremor before the major earthquake'.Fr. Lemelson challenges the core thesis of the 'gold bugs,' arguing that while trust in fiat is breaking down, gold is not a guaranteed sanctuary. He posits a sobering geopolitical reality: in a global crisis, 'it’s the guy with the biggest military that’s gonna take what he wants'.From the 'capture' of the Federal Reserve to the 'accounting chicanery' fueling a 'house of cards' in the AI sector, Lemelson pulls no punches on the structural rot facing investors. He further details why 'being passive is usually just a euphemism for being lazy' and why retail investors often end up as the 'exit liquidity' for sophisticated multi-strategy hedge funds that are currently getting 'hammered'.Recorded on March 10, 2026Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron)Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW)Follow Fr. Lemelson on X: @Lemelson (https://x.com/Lemelson) & on substack: (https://lemelson.substack.com/)Chapters00:00 Oil Shock Opens Show01:32 Markets Trading Hope02:25 Oil Reality Check04:59 Fed Policy Trap06:32 Gold Bitcoin Debate08:56 What Is Hard Value11:27 Active Value Hunting13:03 Hedge Funds Hit14:36 Private Credit Cracks17:02 Who Holds The Bag18:34 Golden Age Of Fraud19:54 Rigged Market Reality20:31 Be a Shareholder Steward21:51 Activism for Everyone22:14 WWE Case Study24:11 Practical Active Habits26:01 Top Value Picks29:36 What to Avoid Now33:17 Gold and Silver Skepticism34:53 Influencer Incentives Warning36:57 Closing#Gold #Oil #Investing #KitcoNews #EmmanuelLemelson #FederalReserve #StockMarket #Economy #WealthProtection #ValueInvesting #AI #HedgeFunds #Fraud #Stewardship__________________________________________________________________Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage. FOLLOW US:  X: https://x.com/kitconewsnow  Instagram: https://www.instagram.com/kitconews  Facebook: https://www.facebook.com/KitcoNews  LinkedIn: https://www.linkedin.com/company/kitconewsLearn more about Kitco News: https://www.kitco.com/news/about/ For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising  Disclaimer:  The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.Disclaimer:  The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.